The cover--which shows a photo of Bachmann with a wide-eyed expression and labels her the "Queen of Rage"--has caused a major stir, with everyone from Fox News to the National Organization for Women condemning it.

Bachmann herself declined to comment on the cover, telling an Iowa crowd on Monday that she hadn't seen it.

On his Monday show, Olbermann called the cover "the worst magazine cover since Martin Sheen in 'The Dead Zone'" (a reference that admittedly passed over HuffPost Media's head) and said that it made Bachmann look "150 percent insane." Newsweek, he said, deserved the "photography Pulitzer" for the cover.

Olbermann also had Ryan Lizza, the New Yorker writer with his own Bachmann story out this week, comment on the picture.

He speculated that Bachmann had "rolled the dice" with the cover, perhaps, he said, thinking that "'Sarah Palin was on the cover of Newsweek recently and she looked great. Maybe they'll do the same thing for me.' It didn't turn out that way."